The 2020 interest rate is 5% (.05). Tax rate of 7.85% on taxable income between $156,571 and $273,470. On the bright side, there are no local income taxes in the Land of 10,000 Lakes. Easy income tax calculator for an accurate Alberta tax return estimate. California, Hawaii, Oregon, Minnesota, and New Jersey have some of the highest state income tax rates in the country and seven states have no tax on earned income at all. Tax-Rates.org – The 2019 Tax Resource Our calculator has recently been updated in order to include both the latest Federal Tax Rates, along with the latest State Tax Rates. The Minnesota income tax rate tables and tax brackets shown on this web page are for illustration purposes only. Tax rate of 5.35% on the first $26,960 of taxable income. Nine states have single-rate levies on individuals’ income, while 32 states and the District of Columbia have graduated-rate income taxes. Only a portion of a taxpayer’s Social Security income is subject to Minnesota’s income tax. Outlook for the 2021 Minnesota income tax rate is to remain unchanged with income tax brackets increasing due to the annual inflation adjustment. Tax rate of 9.85% on taxable income over $273,470. Tax rate of 6.8% on taxable income between $39,411 and $156,570. It is a similar story with state corporate income tax rates, as Figure 2 shows. States either allow a taxpayer to deduct their federal taxes from your state taxable income, have local income taxes, or have special tax treatment of capital gains income. Social Security Income . The state levies a graduated-rate tax on income earners. Minnesota is one of 14 states that taxes Social Security, according to an April 2019 AARP report. Hawaii has the second-highest capital gains tax rate of 11.00%, followed by New Jersey with 10.75%, Oregon with 9.90%, and Minnesota with 9.85%. Tax rate of 6.8% on taxable income between $26,961 and $88,550. October 20, 2020. The State of Minnesota has a progressive income tax, meaning the more money your employees make, the higher the income tax. Walz ends indoor dining ban on Monday, loosens COVID-19 restrictions on gyms and other venues, Minnesota finishes 20th highest on U-Haul’s 2020 migration growth ranking, January-to-September state tax revenues in Minnesota were 4.2% below 2019 numbers, Minnesota homeless population numbered 7,977 last year, study finds, It’s back: The political struggle for control of banks’ loan taps, Op-Ed: Slight relief from Illinois' predatory government, Op-Ed: FCC Section 230, a shield for ceonsoring free speech, The Sunday Read: Madigan's tenure should be cautionary tale, Study: More people moved from northern states to western and southern states, continuing a trend, NRA to seek bankruptcy reorganization, move from New York to Texas. $164,400 to $273,470 (not double) at 9.85% the highest tax bracket. February 2020 . Detailed Minnesota state income tax rates and brackets are available on this page. remain the same. Top individual income tax rate in Minnesota is 9.85% in 2020. a new study of state individual income tax rates by the Tax Foundation. We can also see the progressive nature of Minnesota state income tax rates from the lowest MN tax rate bracket of 5.35% Notice, however, the Minnesota income tax brackets for to the highest MN tax rate bracket of 9.85%. The current tax year for individuals is 2020, with taxes due April 15, 2021. The state levies a graduated-rate tax on income earners. (View a full list of inflation adjustments for tax year 2020.) Minnesota recognizes the federal exclusions on the sale of the taxpayer’s home and the sale of qualified small business stock. Corporations in the United States pay federal corporate income taxes levied at a 21 percent rate. Every 2020 combined rates mentioned above are the results of Minnesota state rate (6.875%), the county rate (0% to 1%), the Minnesota cities rate (0% to 1.5%), and in some case, special rate (0% to 1.5%). April 2, 2020. This page has the latest Minnesota brackets and tax rates, plus a Minnesota income tax calculator. four income tax brackets with MN tax rates Minnesota Tax Forms for 2020 and 2021. Minnesota has a similar range of state income tax rates, with the lowest being 5.35% and the highest reaching 9.85%. Minnesota state income tax rate table for the 2020 - 2021 filing season has Enter your annual income, taxes paid & RRSP contribution into our calculator to estimate your return. Duluth’s concentrated poverty rate is the highest in all of Minnesota, Minnesota COVID-19 vaccine rollout ranks 23rd in nation, Gov. Your 2020 Alberta income tax refund could be even bigger this year. Mail your property tax refund return to : Minnesota Department of Revenue Mail Station 0020 600 N. 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